https://www.taxtmi.com/caselaws?id=6368 A fact-finding conclusion on concealed income cannot stand unless supported by relevant evidence showing a real nexus between the apparent transaction and the assessee. Mere falsity of the explanation given by the person in whose name the money stood was insufficient to prove that the amount belonged to the firm. The surrounding circumstances relied on by the Tribunal did not directly establish that the funds entered the firm's coffers or were adjusted against its liability, and the revenue failed to discharge its burden of proving that the apparent was not the real. Accordingly, there was no relevant material to sustain the finding that the amount was the assessee-firm's concealed income. en-us Tue, 12 Sep 1972 00:00:00 +0530 Thu, 15 Jan 2026 11:34:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6368 A fact-finding conclusion on concealed income cannot stand unless supported by relevant evidence showing a real nexus between the apparent transaction and the assessee. Mere falsity of the explanation given by the person in whose name the money stood was insufficient to prove that the amount belonged to the firm. The surrounding circumstances relied on by the Tribunal did not directly establish that the funds entered the firm's coffers or were adjusted against its liability, and the revenue failed to discharge its burden of proving that the apparent was not the real. Accordingly, there was no relevant material to sustain the finding that the amount was the assessee-firm's concealed income. Case-Laws Income Tax Tue, 12 Sep 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6368